Latest news with #Shell-owned
Yahoo
3 days ago
- Business
- Yahoo
TotalEnergies divests 45% stake in two Argentine blocks for $500m
TotalEnergies, through its affiliate Total Austral, has reached an agreement with YPF to sell its 45% interest in two unconventional oil and gas blocks in Argentina for $500m (€427.67m). The transaction involves the Rincon La Ceniza and La Escalonada blocks, valued at approximately $10,000 per acre. The concessions, spanning 51,000 net acres, are located in the prolific Vaca Muerta shale formation within the Neuquén Basin. These blocks are currently undergoing pilot development. Total Austral's partners in these concessions include Gas y Petroleo de Neuquen with a 10% stake and O&G Developments, a Shell-owned company, holding the remaining 45%. The completion of this divestment is contingent upon the satisfaction of standard conditions. TotalEnergies senior vice-president Americas exploration & production Javier Rielo said: 'The sale of Rincon La Ceniza and La Escalonada blocks is part of our active portfolio management strategy. TotalEnergies remains fully committed to Argentina, where it operates a large unconventional area of 183,000 nets acres in the Vaca Muerta play, after the divestment of these two blocks, which represented around 20% of our net acreage in that play. 'The company is currently producing gas and condensates from the operated blocks Aguada Pichana Este and San Roque, with a combined production of around 50,000boepd [barrels of oil equivalent per day] in TotalEnergies share in 2024. This transaction allows us to unlock value from part of our portfolio, while focusing on the development of our core assets in the Neuquén Basin and in the offshore of Tierra del Fuego.' In related news, TotalEnergies is reportedly making progress at its $20bn liquefied natural gas (LNG) project in northern Mozambique. Preliminary site preparations have begun, marking a significant step towards the project's resumption. It had been suspended since 2021 due to escalating militant attacks in the region, which have been linked to the Islamic State. As of early July 2025, TotalEnergies had issued a notice to its contractors to proceed with site preparations, signalling the recommencement of work on the LNG project. "TotalEnergies divests 45% stake in two Argentine blocks for $500m" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
CBC
30-01-2025
- Business
- CBC
Shell exits oilsands, boosts stake in Scotford upgrader and Quest carbon facility
Shell Canada Ltd. is exiting the oilsands in a deal with Canadian Natural Resources Ltd. in an agreement that will see it increase its stake in the Scotford upgrader and Quest Carbon Capture and Storage facility northeast of Edmonton. Shell is swapping its remaining 10 per cent stake in the Albian mines in northeastern Alberta in exchange for a 10 per cent interest in the Scotford upgrader and Quest CCS facility near Fort Saskatchewan. The deal will boost Shell's interest in the upgrader and carbon capture facility to 20 per cent. Shell is the operator of the Scotford upgrader and Quest CCS facility, located next to the Shell-owned Scotford refinery and chemicals plants. The swap stems from a provision in a 2017 deal involving the Athabasca Oil Sands Project. The transaction is subject to regulatory approvals and is expected to close in the first half of this year. Shell's Canadian assets include a 40 per cent stake in LNG Canada, upstream operations in northeast B.C. and northwest Alberta as well as 1,400 Shell-branded sites across the country.
Yahoo
30-01-2025
- Business
- Yahoo
Shell exits oilsands, boosts stake in Scotford upgrader and Quest carbon facility
CALGARY — Shell Canada Ltd. is exiting the oilsands in a deal with Canadian Natural Resources Ltd. in an agreement that will see it increase its stake in the Scotford upgrader and Quest Carbon Capture and Storage facility. Shell is swapping its remaining 10 per cent stake in the Albian mines in exchange for a 10 per cent interest in the Scotford upgrader and Quest CCS facility. The deal will boost Shell's interest in the upgrader and carbon capture facility to 20 per cent. Shell is the operator of the Scotford upgrader and Quest CCS facility, located next to the Shell-owned Scotford refinery and chemicals plants near Edmonton. The swap stems from a provision in a 2017 deal involving the Athabasca Oil Sands Project. The transaction is subject to regulatory approvals and is expected to close in the first half of this year. Shell's Canadian assets include a 40 per cent stake in LNG Canada, upstream operations in northeast B.C. and northwest Alberta as well as 1,400 Shell-branded sites across the country. This report by The Canadian Press was first published Jan. 30, 2025. Companies in this story: (TSX:CNQ) The Canadian Press Sign in to access your portfolio
